OREANDA-NEWS. April 25, 2011. Standard&Poor's (S&P) raised Estonia's rating outlook to positive from stable and affirmed the country's rating at level A. The rating agency stated in their decision that the recovery of Estonia's exports and economy has been impressive, reported the press-centre of Eesti Pank.

This reflects flexibility and competitiveness. It is especially commendable that growth is no longer driven by the inflow of external funding characteristic of the past decade. S&P expect the government to continue with their prudent fiscal policies.

"The rating outlook was revised to positive, because Estonia has made great efforts to keep its public finances in check. Debt problems in different countries clearly stress the need of having reserves. The central bank considers it very important that the government continue with their current budget strategy, which aims to post a surplus in 2013," said Marten Ross, Deputy Governor of Eesti Pank.

According to S&P, the positive rating outlook refers to a possible rating upgrade. However, this will happen only if the exemplary fiscal policy continues and economic growth is not accompanied by a return to excess reliance of external funding.